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Investing.com -- India’s private sector activity expanded at the fastest pace on record in August, driven by a robust surge in demand led by the dominant services sector, according to a survey released Thursday.
HSBC’s flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 65.2 in August from 61.1 in the previous month.
The reading significantly exceeded analyst expectations, which had predicted a decline to 60.5.
The strong performance allowed firms to increase prices at the fastest rate in over 12 years, the survey showed.
The record-high PMI reading indicates substantial growth in India’s private sector, with services playing a particularly important role in driving the expansion.
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